ENABLE Act
Sponsored By: Senator Eric Schmitt
Introduced
Summary
Permanently extends and expands tax benefits for ABLE accounts. This bill would keep higher contribution rules for ABLE accounts in place and preserve rollovers from 529 college plans into ABLE accounts, while also changing how the Saver's Credit counts ABLE and certain retirement contributions.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
ABLE savings count for Saver's Credit
If enacted, you would be able to count money you put into your own ABLE account when you figure the Saver's Credit for tax years ending after enactment. For tax years beginning before January 1, 2027, certain retirement plan deferrals and voluntary plan contributions would also count toward the credit. The bill would also undo a SECURE 2.0 change and require the IRS to apply the older Saver's Credit calculation for those years. These changes would let many low- and middle-income taxpayers and people with disabilities get a larger Saver's Credit.
Permanent ABLE contribution and rollover
If enacted, the bill would remove the January 1, 2026 expiration so the higher ABLE contribution rule is permanent for tax years ending after enactment. If enacted, it would also permanently allow rollovers from 529 education accounts to ABLE accounts for distributions made after enactment. These changes would help people with disabilities and families move more tax-advantaged money into ABLE accounts over time.
Sponsors & CoSponsors
Sponsor
Eric Schmitt
MO • R
Cosponsors
Chris Van Hollen
MD • D
Sponsored 2/19/2025
John Boozman
AR • R
Sponsored 2/19/2025
Tommy Tuberville
AL • R
Sponsored 2/19/2025
Timothy Kaine
VA • D
Sponsored 2/19/2025
Katie Britt
AL • R
Sponsored 2/19/2025
Amy Klobuchar
MN • D
Sponsored 2/19/2025
Christopher Coons
DE • D
Sponsored 2/19/2025
Jerry Moran
KS • R
Sponsored 2/19/2025
Thomas Tillis
NC • R
Sponsored 2/19/2025
John Fetterman
PA • D
Sponsored 2/19/2025
Raphael Warnock
GA • D
Sponsored 2/19/2025
Dan Sullivan
AK • R
Sponsored 2/19/2025
Mark Kelly
AZ • D
Sponsored 2/19/2025
Mike Lee
UT • R
Sponsored 2/27/2025
Jon Ossoff
GA • D
Sponsored 3/31/2025
Jon Husted
OH • R
Sponsored 5/6/2025
Roll Call Votes
No roll call votes available for this bill.
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